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. there is no progress to report. when it comes to the fiscal cliff that is threatening our economy and threatening jobs, the white house has wasted another week. 8 days ago, secretary geithner came here to offer a plan that had twice the tax hikes that the president campaigned on. it had more stimulus spending than it had in cuts and an infinite increase in the death lemmas like forever. four days ago we offered a serious proposal. since then, there has been no counteroffer from the white house. instead, reports indicate the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. even if the president thought the tax rate hikes he wanted, we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem, not a revenue problem. the president does not agree with our proposal. i believe he has an obligation to families and small businesses to offer a plan of his own, and plan that can pass both chambers of the c
to report. when it comes to the fiscal cliff that is threatening our economy and threatening jobs, the white house has wasted another week. >> the house speaker had nothing of substance to say about this week's phone conversation with the president. >> the phone call was pleasant, but was just more of the same. the conversations that the staff had yesterday, just more of the same. it's time for the president if he's serious to come back to us with a counteroffer. >> boehner says the president is not being a helpful negotiator, even though the president apparently designed the negotiating sessions at boehner's request. according to "the new york times," boehner insisted the talks include only himself and the president of the united states. boehner wanted senate democrats and nancy pelosi out of the discussions. democratic senator dick durbin told the times this is now the speaker and the president working this through. democratic leaders say they are satisfied with the briefings that they continue to receive. nancy pelosi seems perfectly happy putting pressure on the republicans. >> why are w
says it goes beyond the fiscal cliff debate. >> our economy is moving forward, but it could be growing at a faster rate. the republican leadership had taken up and passed some of president obama's job initiatives including the american jobs act and had passed the middle income tax cut. >> let's cut to the chase. one of those congressional members is lying. either the republicans are right on cutting taxes will add jobs or the president's stimulus policies are fueling the economic recovery in this country. joining me tonight to sort out the facts, david cay johnston, offer of "the fine print." let's start with the job growth. unemployment hit rock bottom near the beginning of the -- under the bush administration. this is changing the color here is when president obama took over in january of '09. who is responsible for this turn around? >> the president and it would be a better turn around if the republicans had allowed a bigger stimulus. we'd have many more jobs. >> you'd make the case we didn't spend enough on the economy? >> we wasted 40% of that on tax cuts for small business, which
it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. >> reporter: vice president biden was confident that this deal will get done because he's optimistic genetically. says if everyone can act like adults and can reach an agreement, the up side will be much greater than the down side. >> any indication when there might be a presidential meeting with the speaker? >> reporter: we don't know at all. there has been one phone call this week. white house aides saying so far they're not making announcements about meetings or phone calls. >> they need to meet to resolve this. maybe their teams and staffers could do some advance work but the clock is ticking. dan lothian, thank you. >>> president obama's top campaign strategist is here in a few minutes. david axelrod did something today he hasn't done in decades. look at that, before and after. he's ready to challenge a member of cnn's political team to do the same thing. stand by. >>> and take a look at this. we're going to tell you why the driver says she didn't stop outsid
automatic tax increases and spending cuts will send the economy over the fiscal cliff, and around the capitol there's largely the sound of silence as the white house and congress try to work out a deal behind closed doors. the president has no public events on his schedule. and all through the house, not a creature was stirring except, that is, for john boehner, who emerged to gavel the house into session this afternoon after a week's recess with his trademark holiday cheer. >> washington has a spending problem. now, the president doesn't agree with our approach. he's got an obligation to put forward a plan that can pass both chambers of the congress because right now the american people have to be scratching their heads and wondering when is the president going to get serious? >> i'm sorry, i meant his trademark ba ham bug which he's been doling out by the sleigh load. >> there's a stalemate. let's not kid ourselves. we have a debt problem that is out of control. we've got to cut spending. washington has got a spending problem. just more of the same. >> more of the same indeed. a
, would jeopardize the economy. fiscal cliff negotiations are now in the hands of just two people, president obama and house speaker john boehner. abc's david kerley joins us live with the latest. david, we have a positive jobs report. better than expected. consumer confidence plummeted. a lot of people attributing that to the gridlock in washington. >> reporter: they're using the jobs report right now, the obama administration. a little more fuel. and we are talking about two men now. it comes down to these two guys and a lot of jobs on the line. possible hiring freezes, furloughs if we go over the cliff. federal agencies now working on reports for the white house, of the cuts they will make if we do actually go over the cliff. a diner, middle-class taxpayers and the vice president, telling republicans a deal to extend tax cuts for all but the wealthy is easy. >> the president would probably have me sprint up to the hill to bring the bill down for him to sign. it can be done like that. >> reporter: not really. even though the two sides are talking, they aren't making much progres
? he said, no, it's a fiscal can cliff because the economy will hit a brick wall if there is not a deal in january. he says it is not hype. >> he's basically saying if we go over the fiscal cliff, if these lawmakers and white house doesn't make a deal, it could lead to a recession? >> that >> reporter: that's right. we could hit another recession if we go over the fiscal cliff. >>> shoppers that dive for cover as a gunman opens for cover in an oregon mall. we're going to give you the latest details, including the newly released identity of the man. >>> internet pioneer john mcafee is on his way back to the united states. kate bolduan is monitoring that story and others. >> guatemala officials escorted him to the airport and he boarded the plane to miami after a deportation order from guatemala. he is wanted for questioning in belize over the death of a neighbor. we've been following his story pretty closely. mcafee was held in guatemala for a week. he made his fortune from the anti-virus software that bears his name. >>> also, jacob tyler roberts was the lone gunman in the shooting at t
that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week, can you characterize that call? did he have any kind of counter offer? also, we understand that he is making clear that it's got to be increase in rates for the wealthy or no deal. are you willing to give a little bit maybe not all the way to 39.6? >> the phone call was pleasant, just more of the same. the conversations that the staff had yesterday, jus
slow walks the process, the closer our economy gets to the fiscal cliff. >> if there is one fact that should not be in dispute, it ought to be this. the president, unlike any other party to these negotiations, has put forward detailed spending cuts as well as detailed revenue proposals. >> ari, the president saying he's willing to make the tough decisions on the spending cuts if the republicans acquiesce on tax hikes. meanwhile, republicans say i need to see the spending cuts first, show me yours first, before i give you anything on the tax hike. it's this game of who's going to blink first. but it really doesn't benefit john boehner to continue this, as we see the public opinion and his brand is really taking a hit on this. >> i think so. we've seen this movie before. there's a lot of enthusiasm for vague cuts but when you have to actually decide what gets cut, even republicans blanch. the bloomberg poll out today shows 50% of republicans think that it's time to raise the taxes on the top 2% because the president has a mandate. that's just republicans. the majorities get even hi
the white house slow walks this discussion, the closer our economy gets to the fiscal cliff and the more american jobs are placed in jeopardy. >> good morning. the president has said on a daily basis that we should be passing a balanced plan. but what we hear from the president is continuing only discussion on one side of the ledger. it has always been about tax rates increases and nothing about spending. and we insist and say, look, mr. president, let's talk about a balanced plan, but where are your specifics on the spending cut? even his own advisers say that any kind of agreement that we come to has to deal with the prime drivers of our deficit, which is the spending, and particularly, the health care entitlement programs. so we ask the president to please sit down with us and be specific and let's get that balanced plan. you know, it's interesting that the senate has passed a bill that is a bill calling for increased revenues of $850 billion. the president continues to say, support that bill, pass that bill. well, how is that the case when he continues to say we also need $1.4 trilli
, the closer our economy gets to the fiscal cliff. >> nobody should trust democrats to put a dime until real deficit reductions. >> reporter: to better understand the gop positioning, remember what any reduction deficit looks like drawn from two different pots of money. first, tax revenue. second, spending cuts likely to center on changes to entitlements like medicare. on revenues, republicans already conceded to tax increases for the wealthy. the big sticking point is what kind and how much. since that is angering many on the right who oppose any tax increases, republicans want democrats to take the heat for entitlement cuts by proposing them first so republicans don't face the wrath of seniors, too. remember this 2011 ad depicting paul ryan throwing granny off the cliff? the white house says it's republicans who haven't offered specifics and the president has. >> very specific spending cuts, including savings in entitlement programs. again, i -- it's not a mystery. we've seen this before. this is the document. >> reporter: that document is last year's white house recommendations to the sup
. the president yesterday on the fiscal cliff. >> obama: let's allow higher rates to go up for the top 2% that includes all of you guests but not in anyway that is going to affect your spending, your lifestyles or the economy in any significant way. let's make sure that 98% of americans don't see a single dime in tax increases next year. 97% of small businesses don't see a single dime of tax increases next year and by doing that alone we raise almost a trillion dollars. [♪ "world news tonight" theme ♪] >> stephanie: associated press says the white house is signalling president obama is willing to let the country go over the cliff. this is a choice of the republican party if they are willing to do higher rates on the country, there is a lot to talk about, if they are not, they will push us over the cliff. tim geithner said there is no prospect in an agreement that doesn't include the tax rate going up on the top 2% of americans. he said we are not prepared to have the american economy held hostage to periodic threats. >> there you go. >> stephanie: and he point
. >> the longer the white house slow walks this discussion the closer our economy gets to the fiscal cliff and the more american jobs are placed in jeopardy. >> good morning the president has said on daily basis that we should be passing a balanced plan, but what we hear from the president is continuing only discussion on one side of the ledger, it has always been about tax rates increases, and nothing about spending, and we insist to say, look, there president, let's talk about a balanced plan, but where are your specifics on the spending cuts? even his own advisers say that any kind of agreement we come to has to deal with the prime drivers of our deficit, which is the spending and, particularly the healthcare entitlement programs. we ask the president to please sit down with us and be specific and let's get that balanced plan. you know, it's interesting that the senate has passed a bill that is a bill calling for increased revenues of $850 billion. the president continues to say, support that bill, pass that bill. well how is that the case when he continues to say, we also need $1.4 tri
dice sell truck engines. he's going to talk about the economy and fiscal cliff within the hour. we'll go to that live. >>> first to florida. that's where we learn new details about a long running mystery. in the town marianna and they have found more grave sites on the grounds a school that closed last century. nobody knows how many boys may be buried there and what abuse he suffer the at that school. ed lavandera spent years investigating the story, and he has the details. >> a mystery haunting the ground of this now defunct school for boys in marianna involving teenage boys sent here decades ago, some never seen again. in recent years former students in "twilight" years have come forward with horrific stories of punishing aaabuse doled out by school leaders and friends that vanished, stories told by cnn. they accused former school leaders of beatings, sexual abuse and even murder. which brings us to this cemetery on the school's grounds. the bodies of 31 boys are buried here. florida authorities claim they know how all the boys died, some killed in a fire and symptom in a flu epi
over the fiscal cliff that that would have a negative impact on the economy, he would say rather that by bringing the deficit down, by having the prospect of lower inflation in the future, that will be good for interest rates and that would be good for the economy in the coming years. jenna: what would he say to those american citizens, though, that say, listen, over the fiscal cliff, i'm afraid of that, i don't even want to entertain the possibilities of what that would look like. >> i think when it comes to issues such as the extension of unemployment benefits, social security, medicare, freidman would have argued that it's the better course to cut spending in those areas now rather than defer indefinitely on making real spending cuts. the current agreement was hammered out in august of 2011. what typically happens is that spending cuts are promised in the future, but they never materialize, the taxes are raised anyway. that is exactly what would happen under this circumstance, taxes would be raised, spending cuts would be promised in the future but when that deadline is reache
walks this process the closer our economy gets fought fiscal cliff. -- gets to the fiscal cliff. here's what we know. we know that the president wants more stimulus spending and an increase in the debt limit without any cuts or reforms. that's not fixing our proble frankly, it's making it worse. on top of that, the president wants to raise taxes on many small business owners. now, even if we did exactly what the president wants, we would see red ink as far as the eye can see. that's not fixing our problem either. it's making it worse and it's hurting our economy. i think the members know i'm an optimist. i'm hopeful we can reach an agreement. this is a serious issue and there's a lot at stake. the american people sent us here to work together toward the best possible solution and that means cutting spending. if the preside doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress because right now the american people have to be scratching their heads and wondering whe minority leader, ms. pelosi, for five minutes. ms. pel
walks the process, the closer our economy gets to the fiscal cliff. >> what i would do to respond to what the speaker has said, though, is to set the record straight. the fact is that the president has and democrats agree with him, agreed to over $1.5 trillion, $1.6 trillion in cuts and the budget control act and other acts of congress in this -- in this particular congress. $1.6 trillion in cuts. where are the cuts? they're in bills that you, mr. speaker, have voted for. >> so it all comes down to tax revenues and spending cuts. tom foreman gives us a virtual view of what is involved in negotiations. watch. >> what you're looking at in the room is everything the federal government spends money on. and that scoreboard back there shows you the problem. last year we spent $3.6 trillion in all of the stuff. but we only took in 2.3 trillion in taxes or revenue. democrats talk in the talks about the revenue side of the equation. they say if we can find a way to gin up more taxes lean on the rich harder, that's how we can dole with the deficit. republicans agreeing we need more revenue
avoiding a fiscal cliff doesn't necessarily mean getting people back to work? >> no, look, the economy is only growing by less than 2%. and when you got sub 2% growth, we're not going to be creating hundreds of thousands of jobs a month. that's what we need to see to see that unemployment rate come down and get us out of this hole. >> jill schlessinger from cbs money watch.com, thank you for joining us. appreciate it. >>> this week the air force is conducting a big sweep of work spaces. what are they looking for? well, they're looking for pictures of scantily clad women. yes. we'll explain. >>> and basketball legend kareem abdul-jabbar, the nba's all time leading scorer, joins me to talk about his own battle against a rare form of blood cancer. annou] holiday cookies are a big job. everything has to be just right. perfection is in the details. ♪ get to holiday fun faster with pillsbury cookie dough. look this isn't my first christmas. these deals all seem great at the time... but later... [ shirt ] merry christmas, everybody! not so much. ho ho ho! this isn't that kind of deal. [ mal
. that depends on what happens in the world economy. there are two things happening. one is the fiscal cliff. and the recession in europe. if things continue to slow down economically, we'll see less demand for gasoline. if there's more tension in the middle east, we'll see higher prices for oil. those are two things that could affect the price of oil, which will affect the price of gasoline. one thing to remember, that over the last ten years or so, wolf, demand for gasoline has started to drop off, as cars have become more efficient and as we've become better conservers. you'll probably see the price of gasoline head up again in the interim but for the time being you're probably looking at lower gas prices, wolf. >> we'll take it, no one's complaining obviously. thanks very much. >>> a u.s. navy s.e.a.l. rescue in afghanistan turns tragic. we have details on the member of that elite s.e.a.l. team killed while saving an american held captive. impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the
and washington continues to push america's economy toward a fiscal cliff. republicans offered president obama a proposal that retained the bush tax cuts for the wealthy, and now they say the ball is in the president's court. >> this week we made a good faith offer to avert the fiscal crisis. now we need a response from the white house. we can't sit here and negotiate with ourselves. >> both sides promise to cut trillions from government spending over the next decade, but the republicans insist they can do it without raising taxes on the rich. president obama insists that's a nonstarter. he shared his message with rich folks at the business round table. he told them they could handle paying more in taxes. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that will affect your spending, your lifestyles, or the economy in any significant way. >> business round table is a lobby group made up of some of the country's biggest ceos, ceos of some of the country's bigg gt companies. if you don't know what the fiscal cliff is, you've probably been li
a 39.6%. that's the washington post this morning. below that, governors say the fiscal cliff would hurt their states' economies. several governors met at the white house yesterday and with political leaders to say something needs to be done or their economies and on the state level will be heard. -- be hurt. let's go to walter in new jersey, independent caller. good morning. caller: good morning. i don't know what's wrong with these people, because they have to come to some kind of agreement. the gop has to give ground, taxes wouldybody's go up just to save 2%. it just does not cut it. it is a bad move politically and bad for the country. host: polloi in johnsonville, virginia. -- floyd. caller: i was thinking about the fiscal cliff. i don't think that's the problem at. the problem is when we fell off the moral cliff. our president said gay marriage was ok. and america killing so many babies. side,e get back on god's everything else will take care of itself. that's the way it is. a guy said it seemed like christians are down and out. let me tell you, christians are the happiest people t
. this will boost it further >> bill: car market, about 13,000,000. unless the fiscal cliff screws it up, we should be back over 14 before a short period of time. this shows positive momentum in the economy. this comes the month after the election. right? >> right. >> if this had come before the election. whoa, obama would have won. >> he is going to win reelection now that these numbers are out. >> if jack welch is apoplectic about the other number what would he have thought about this? how would mitt romney spin this as bad news? he would find some way. >> one thing, you mentioned hurricane sandy, in the labor department's numbers they released, they did mention hurricane sandy did not substantively impact jobs data. they pointed that out. >> that shows a lot of economists don't have a clue what they are talking about. >> get out. >> nice to have been working with you. that was the expectation. >> i understand where that would come from. you know there was tremendous dislocates. a lot of people could not get to work. right? mayor their jobs maybe didn't ex
sounds] >> if the president really wants to avoid sending the economy over the fiscal cliff he's done nothing to demonstrate it. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues it's magic beans and fairy dust. [farting sounds] >> stephanie: all right. >> fairy dust goes very well with bourbon. >> stephanie: republicans were quick to say that boehner's plan was attracting criticism from the right particularly from jim demint of south carolina, tea party leader and as such, represented more of a compromise than obama's stance. uh no! nice try. demint said boehner's plan will destroy american jobs and allow politicians in washington to spend more. oh, please we're not falling for this. they think if they criticize the plan, oh, well it must be a good compromise then. nice try! 29 minutes after the hour. spongebob squarepants tom kenny, our buddy our pal next on "the stephanie miller show." you know who's coming on to me now? you know the kind of guys w
, new york. >>> starbucks ceo says going over the fiscal cliff is a bitter brew for the global economy. ali is back with more on that. >>> plus, time to buy apple stock? that's next. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ] can't find theraflu? try alka-seltzer plus for fast, liquid, cold, and flu relief. ♪ >>> democrats need to own up to taxes because they can't have their cake and eat it, too. from the cnn money newsroom, i'm ali velshi. this is "your money." i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use the
to keep downward pressure on interest rates to spur the economy. >>> now back to the fiscal cliff. 20 days, count them with me, 20 days out from higher taxes and punishing government spending cuts if there is no deal in washington to craft a softer landing. with me now from los angeles, economist, author, ben stein. ben stein, good to see you, sir. you know, look, despite all we're hearing and seeing out of washington, we can at least discern some movement on this issue of taxes. let me just take you back, house speaker john boehner, his first position was no new taxes. president obama was asking for new taxes totalling $1.6 trillion. after the election speaker of the house ponied up an offer of $800 billion, exactly halfway between his zero and the president's $1.6 trillion. and then this week the president countered at $1.4 trillion. and were they to split the difference, doing simple math here, you would be looking at new tax revenues of $1.1 trillion. do you think, ben stein, that's where they're headed right there in the middle, $1.1 trillion? >> i don't know exactly where they're hea
. >> as we continue to try to solve the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours are critical. if he sits back and continues to play politics, that will give you the answer of where we're going. this is the opportunity for the country to lead and opportunity for the president to lead. >> as these fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem, it has a spending problem. and under this administration, under president obama, we have seen record deficits and a record debt accumulate, and yet he keeps demanding that we have seen record deficits and a record debt accum
be done about the fiscal cliff talk. what surprised us off the record behind the scenes, democrats and republicans agree they should be doing a lot more than they're talking about as part of the current negotiations. they said if you did more on tax reform and particularly on the corporate side and more on social security as far as limiting the growth of that program, more on medicare, if you did something to exploit this oil and gas boom that we're seeing in north dakota, texas and across the country, if you did more to get high skilled immigrants into town, you could not only have an economic recovery but an economic boom. there's a lot of agreement off the record on this, but that politicians on both sides are scared to go out there and be the first to say, hey, let's do these big things that could have an appreciable effect on the economy. >> steve, do you agree with that assessment? what are the big things that need to be done? >> i totally agree. the thing that's depressing about the fiscal cliff plan, we will change the tax code, change this, a tax on gas to help the energy
and over again. that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. german, thank you. this is your last committee meeting -- chairman, thank you. this is your last committee meeting and you will be missed. >>: back to the analogy of the avalanche, a -- going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning. likewise, we did have the same type of avalanche come tomorrow. there is no more confidence, nobody buys are debt. we would have increased interest rates and huge economic problem. we have two things in front of the spread not only the fiscal slope, but also the debt ceiling. treasury estimates at the end -- we have until the end of february. in solving it, would be better to put the debt ceiling in the package with the fiscal slope for a comprehensive solution? or would it be better to do them s
-care it waltz. >> i recollection. then it was the fiscal cliff. there is always something out there holding companies back. i think this means this is the new normal. we have a distrust of washington. we are not sure the economy will get better and it's kinds of every man for himself. alisyn: thanks so much. the economy is the focus of a debate in michigan where an historic employment bill is about to become law. mike tow tobin is live from chicago. >> reporter: the point republicans are trying to sell is this does not target collective bargaining. all the legislation does according to republicans is make optional union dues and union membership for everyone other than police and firefighters. union members say it attacks their foundation and in all places, michigan, the cradle of organized labor. >> you will have people that will be working right alongside of you that will not have to pay union dues that you pay union dues but will still be able to get all the benefits from being a union member. >> reporter: unlike the drawnout labor standoffs we have seen. this moved rapidly through the l
is being made on avoiding the fiscal cliff, and yet there are rumors behind the scenes, both sides are getting closer to an agreement, especially an agreement on higher taxes for those who have done the very very well in this economy, those at the highest income level and overseas the united states welcoming and recognizing the syrian opposition as a legitimate option force, very very significant movement. so lots of -- a lot happening on a lot of front today, a lot you are going to want to talk about. give us a call at 866-55 lives press. it's kind of the old fashion way. get your voice on television and radio across the land. talk to us on twitter @bp show and backtrack/billpress. there is a parallel universe to what we are talking about on the air, our big chat room. go to current.com. click on the chat room, and you are in with all of your fellow "full-court press"ers across the land. what do you say? look around here and you have the whole team in this morning, peter ogburn and dan henning. good morning guys. peter: happy wednesday. >> bill: sip
a deal on the fiscal cliff or else automatic spending cuts and tax hikes will kick in and with the fiscal cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the country. gas prices, did you notice? they're down 46 cents over the past couple of months. they're expected to keep going lower and the dow is up 20 points now. the dow is above 1,300 and the s&p 500 is up 12% this year. so, what could go wrong? fiscal cliff. this is something weighing op consumer sentiment and we're starting to see it in the weekly -- look at this -- 39% said it would affect it some. they don't seem to have much faith in congress to fix it and any time except 11th hour and maybe a week into the new year and there's this payroll tax holiday that most people have
the fiscal cliff. no partisan ideology is worth the cost to our nation. but just averting the disaster and kicking the can on the tough, structural decisions needed to place our economy on a sound footing for the future is not enough. we are calling for a framework built out over the next ten years to reduce the deficit and restructure fiscal policy. so as eventually to bring the budget into balance. this framework must include tax reforms to raise more revenue, encourage growth and enhance progressivity. it must include parameters defining future levels of debt as a share of the gdp. and a date by which the budget will balance. and it must include changes to discretionary spending, entitlements as well as defense. our elected leaders should launch an expedited process to enact legislation that will construct this framework many 2013 -- in 2013, including powerful but appropriate default and enforcement mechanisms. without a recalibrated, sustainable fiscal policy, the united states' international standing will decline, and its national security will be undermined. such an outcome woul
. 1-800-steph-1-2 the phone number toll free from anywhere. the president talking about the fiscal cliff, et cetera. >> obama: for them to be burdened unnecessarily gives you a sense of the costs involved in very personal terms, obviously with would also have an impact on the economy, because if this family has a couple of thousand dollars less to spend that translates into $200 million of less consumer spending next year. >> stephanie: oh this just in -- [♪ "world news tonight" theme ♪] >> stephanie: nancy pelosi is going to brief us on the fiscal cliff talk at 12:00 eastern. >> it's joke! >> you can't take anything boehner says seriously at all. it's so win-win for the democrats on this. and i would like to see the president go off the cliff and let the republicans try to vote it down. >> stephanie: we posted a great article -- it was the best thing i have read about the l.a. times, where he said let's hold hands and walk down together. it's not that bad. all of the nobel prize winning economists asking george bush not to enact these policies in the fir
at the polls, that the public would blame them if we go over the fiscal cliff by a 2 to 1 margin. so i would say that right now, and i think even republicans would stipulate this, wolf. the president has the leverage here, i mean, republicans also know that if they were to go over the cliff that the tax cuts on the wealthy would increase. you could come back and undue the tax cuts on the middle class expiring. but the president's in a pretty good bargaining position here, which is why you see him sort of hold firm. >> what leverage do the republicans have? >> well, look, i think it -- they understand that for some liberals going over the cliff is okay, because liberals say, you know what, we get those defense cuts we wouldn't get otherwise, and they believe the public would not like to see that, and i think at some point, wolf, you have to say, i don't know when it is, but at some point the president and his people as dana bash was just talking about, need to get to the negotiating table. let's be fair to the house speaker. he put a plan on the table that included revenues, substantial reven
and then went out of business. >>> and here's what's passing for progress to avoid that fiscal cliff at year's end. president obama and house speaker john boehner spoke about it on the phone with one another. that discussion came as treasury secretary tim geithner confirmed mr. obama is prepared to take the economy over the cliff unless republicans agree to raise tax rates on the wealthy. >>> meantime in georgia, some activists expressed frustration about the stalemate in holiday spirit. they delivered symbolic lumps of coal to the offices of both of their state's u.s. senators. but security guards met them outside of republican saxby chambliss' office. eventually, a few were let inside, but without the camera and media present. of course. that would have been the real story. >> folks are upset now. see what happens january 1 after you get the first paycheck and go, oh, this is what the fiscal cliff meant. yeah. whoo, 2013. >>> all right. the next story involves a new grassroots campaign that is starting. meant to draw attention to the nation's debt crisis. it is our "favorite story of the d
economists were exactly correct. this could push the american economy off of a fiscal cliff, am i missing something here? can it be such a bad thing. not really said the cbo. if congress extents current policy the debt and deficit will increase slowing the economy and dramatically increasing interest costs. because of the deal congress and the president made last year it be result in across the board budget reductions still there will be no decreases in social security medicare and veteran's benefits. defense spending would take a big hit, but because of a windown in afghanistan some military leaders are asking for less than congress is willing to shell out. from 1990 to 1999 defense spending decreased by 1% a year. this weakened military is nonsense. jim we have like what 27,000 times to blow up the country with the next amount of nukes. >> and we still have massive armies in europe protecting them from a massive soviet union. >> yeah. >> korea is another issue -- we do need people there. >> stephanie: right, but he points out who is behind all of this fiscal cliff ca
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